Veeva Systems (NYSE:VEEV) PT Lowered to $173.00

Veeva Systems (NYSE:VEEVGet Free Report) had its target price cut by investment analysts at Morgan Stanley from $210.00 to $173.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an “underweight” rating on the technology company’s stock. Morgan Stanley’s price target indicates a potential downside of 0.72% from the company’s previous close.

Several other brokerages have also recently issued reports on VEEV. Royal Bank of Canada reissued an “outperform” rating and issued a $250.00 price objective on shares of Veeva Systems in a report on Wednesday, March 27th. KeyCorp upped their price objective on Veeva Systems from $232.00 to $250.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 5th. Raymond James reaffirmed an “outperform” rating and set a $260.00 target price on shares of Veeva Systems in a report on Tuesday, March 26th. Stifel Nicolaus increased their price target on shares of Veeva Systems from $205.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Finally, Oppenheimer restated an “outperform” rating and set a $225.00 price target on shares of Veeva Systems in a research report on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Veeva Systems has an average rating of “Moderate Buy” and an average target price of $228.65.

Get Our Latest Stock Analysis on Veeva Systems

Veeva Systems Trading Down 10.3 %

Shares of NYSE:VEEV opened at $174.25 on Friday. Veeva Systems has a twelve month low of $162.36 and a twelve month high of $236.90. The company has a market cap of $28.11 billion, a PE ratio of 51.40, a price-to-earnings-growth ratio of 1.86 and a beta of 0.76. The company’s 50 day moving average is $207.64 and its 200 day moving average is $204.06.

Veeva Systems (NYSE:VEEVGet Free Report) last issued its earnings results on Thursday, February 29th. The technology company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.11. Veeva Systems had a net margin of 22.34% and a return on equity of 13.10%. The firm had revenue of $630.62 million during the quarter, compared to analysts’ expectations of $620.75 million. Equities research analysts predict that Veeva Systems will post 4.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Veeva Systems

In related news, Director Timothy S. Cabral sold 15,000 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $226.04, for a total transaction of $3,390,600.00. Following the transaction, the director now directly owns 23,391 shares in the company, valued at $5,287,301.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Timothy S. Cabral sold 15,000 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $226.04, for a total transaction of $3,390,600.00. Following the transaction, the director now directly owns 23,391 shares in the company, valued at $5,287,301.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jonathan Faddis sold 3,598 shares of the business’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $207.42, for a total transaction of $746,297.16. Following the transaction, the senior vice president now owns 10,668 shares in the company, valued at $2,212,756.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,989 shares of company stock worth $4,818,013. Corporate insiders own 10.50% of the company’s stock.

Hedge Funds Weigh In On Veeva Systems

Several institutional investors and hedge funds have recently bought and sold shares of VEEV. Sigma Planning Corp boosted its holdings in Veeva Systems by 9.6% in the 3rd quarter. Sigma Planning Corp now owns 2,792 shares of the technology company’s stock valued at $568,000 after purchasing an additional 245 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in shares of Veeva Systems by 15.9% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 62,713 shares of the technology company’s stock valued at $12,759,000 after acquiring an additional 8,609 shares during the period. Metis Global Partners LLC raised its stake in shares of Veeva Systems by 10.7% in the 3rd quarter. Metis Global Partners LLC now owns 3,253 shares of the technology company’s stock valued at $662,000 after acquiring an additional 314 shares during the period. Clearstead Advisors LLC raised its stake in shares of Veeva Systems by 28.6% in the 3rd quarter. Clearstead Advisors LLC now owns 292 shares of the technology company’s stock valued at $59,000 after acquiring an additional 65 shares during the period. Finally, Kestra Private Wealth Services LLC raised its stake in shares of Veeva Systems by 87.6% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 2,666 shares of the technology company’s stock valued at $542,000 after acquiring an additional 1,245 shares during the period. 88.20% of the stock is currently owned by institutional investors and hedge funds.

About Veeva Systems

(Get Free Report)

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and analytics solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.

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Analyst Recommendations for Veeva Systems (NYSE:VEEV)

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